kkr并购领袖经典案例（KKR a classic case of mergers and acquisitions leaders）.docVIP

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kkr并购领袖经典案例（KKR a classic case of mergers and acquisitions leaders）.doc

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kkr并购领袖经典案例（KKR a classic case of mergers and acquisitions leaders）

kkr并购领袖经典案例（KKR a classic case of mergers and acquisitions leaders） KKR: a classic case of mergers and acquisitions leaders Through the leveraged buyouts and MBO combining KKR as private equity fund mergers and acquisitions leaders created the super hostile takeover example of Reynolds Nabisco takeover, and the enterprise management collusion case acquisition, Rimula battery as Bai Wus paradigm - Schiff acquisition of such classics weft for. Low cost of hostile takeover Although the brilliant record beyond count KKR, but to truly become famous is the history of the United States the largest leveraged buyout of KKR company (after inflation, the acquisition amount has ranked first) on food and tobacco magnate Reynolds Nabisco (RJR Nabisco) acquisition. This malicious lever is called as the century big takeover of the acquisition, RJR Nabisco makes its vitality, is still difficult to recover. As the only tobacco producer in the United States after Philip Morris, Reynolds still generated $1 billion in cash every year. But the companys CEO Ross Johnson (Ross Johnson) with a huge manager allowance, but do not pay attention to the interests of shareholders. In October 19, 1988, Johnson supported the investment bank of American Express, Hiaasen - Lehmann - Hutton, Solomon brothers and other investment banks, offering a acquiring company program with a price of $75 per share. But because Johnson is not representative of the shareholders and the interests of the Nabisco, did not vote on the deal he made. Soon, the wind heard Wall Street, leveraged buyout king KKR joined the Reynolds companys takeover battle. In February 9, 1989, KKRs price to $25 billion to complete the acquisition of Reynolds, more than 200 lawyers and bankers signed the purchase contract, Merrill Lynch, Morgan Stanley of Wall Streets big investment banks, junk bond king Michael Milken (Michael Milken) and Drexel (Drexel Burnham Lambert) were involved. In the acquisition of funds invested in the syndicate sy